* RBI to buy dollars from authorised dealers to pay UAE
c.bank - sources
* UAE c.bank to remit dirhams to Iran's central bank
By Nidhi Verma
NEW DELHI, June 18 India plans to clear some
pending oil payments to Iran through the United Arab Emirates
central bank, three sources with knowledge of the matter said,
under an interim nuclear deal that has allowed Tehran access to
$4.2 billion in blocked funds globally.
Iran and six world powers re-launched talks on Tuesday to
try to salvage a deal on Tehran's nuclear activity by a July 20
Iran's earlier request to repatriate $1.65 billion in Omani
Rials through Bank Muscat proved not to be workable. It was not
known why that channel was not utilized.
Under the proposed new arrangement, the Reserve Bank of
India would buy the dollars from authorised currency dealers,
instead of the Indian oil buyers tapping the currency market,
the sources said. No immediate comment was available from the
RBI. The UAE central bank would then remit the funds to Iran in
dirhams, the sources said.
The UAE central bank and the U.S. Treasury department's
Office of Foreign Assets Control did not immediately respond to
requests for comment.
(Reporting by Nidhi Verma; Editing by Douglas Busvine and Ed